Too much air would either not ignite or would cause a noisy white-to-blue flame. Very low pressure that's not leaving the jet fast enough to entrain the correct amount of air can cause a yellow flame. As can liquid getting as far as the burner or a partially blocked air intake at the burner. I agree with you - don't use it until the regulator has been replaced. It sounds as though the regulator is sticking and not reacting quickly enough to the initial flow of gas.It can only be the regulator as from your description you are getting too higher pressure at the burners.
I would turn the regulator off and not use any gas until sorted, not worth the risk of using it.
One other possibility but I may be talking BS, if there was a slight leak on the system and when devices are turned off gas leaks out and air gets in so when you light an appliance the mixture has a too higher air content causing the yellow flame.
Either way if you want to live, turn it off at the regulator and don't use any gas until sorted.